As we have all been working from home (in our Pyjama’s) for the last couple of years due to Covid, you may have noticed you have been welcoming some new neighbours on your block.
Given the shortage of homes in Ontario, we have seen a huge increase in the value of our homes/properties. If you wish to sell that investment home then now would be a good time.
We have seen clients make a minimum of $200,000.00 as an investment return.
It is definitely bittersweet news that the real estate market in most parts of Ontario has increased. Great for those who wanted to sell their home as they most likely received offers hundreds of thousands of dollars over asking and from what they expected. On the contrary, it is definitely unfortunate for new families and first-time home buyers who were constantly outbid due to affordability. Homes that were originally thought to be affordable have now exceeded many families’ budget. BUT that hasn’t deterred anyone from buying properties as we continue to see the properties being sold over asking and within a few days of being live.
What does this mean for you?
Well, at some point you will realize that purchasing a little further out of the GTA may be more affordable and within your range. If the commute is too much to bare (join the club), you may wish to stay in your current living arrangement until the market starts cooling down. It is bound to happen; the question really is when?
Just ensure when you are ready to purchase a property, you are working with an experienced realtor and lawyer. That will assist in a smoother closer- because you have many other things to worry about.